Maximizing Tax Deductions with Fixed Rate Expenses: A Guide for Small Businesses
Are you a small business owner looking to simplify your tax deductions and reduce the hassle of record-keeping? If so, you might want to consider
Partnership
Combination of Self Employed partners in one business venue where profits split.
Partnership Self-Assessment – the partnership itself is not taxed. This Self-Assessment enables you to declare a partnership’s finances and how the profit has been split between the partners. Income taxes become payable by partners individually while they submit their Self Assessments tax returns, just as if they were self-employed.
Vat – monthly, quarterly, or even yearly calculations and submissions could be complicated, especially if your business is trading overseas or selling a specific type of product where additional rules and procedures apply.